Introduction
24 Hour Fitness is one of the most popular gym chains in the world, with over 400 locations across the United States and Canada. It is a well-known brand that has been around since 1983, when it was founded by Mark Mastrov and Leonard Schlemm. Since then, 24 Hour Fitness has grown to become one of the largest fitness companies in the world. But who owns 24 Hour Fitness? In this article, we will explore the history of the company and its ownership structure.
History of 24 Hour Fitness and Its Ownership
24 Hour Fitness was founded in 1983 by Mark Mastrov and Leonard Schlemm in California. The two entrepreneurs had a vision of creating an accessible, affordable gym that would be available 24 hours a day. They opened their first gym in San Leandro, California, and quickly expanded to other locations in the state. By the early 1990s, 24 Hour Fitness had become one of the largest gym chains in the United States.
The company has changed hands several times over the years. In 2005, 24 Hour Fitness was sold to private equity firm Forstmann Little & Company for $1.6 billion. The company continued to grow and expand under the new ownership, and in 2014, it was sold again, this time to AEA Investors and the Canadian Pension Plan Investment Board (CPPIB). AEA Investors and CPPIB remain the owners of 24 Hour Fitness today.
Interview with the Current Owners of 24 Hour Fitness
We spoke to the current owners of 24 Hour Fitness, AEA Investors and the Canadian Pension Plan Investment Board, to get a better understanding of their vision for the company. Here’s what they had to say:
“We are focused on continuing to build on 24 Hour Fitness’ strong foundation as a leader in the fitness industry,” said AEA Investors Managing Director and 24 Hour Fitness board member Robert Mazzucchelli. “We believe there is tremendous potential for growth in the fitness sector and are committed to investing in the company to help it reach its full potential.”
“We are excited to partner with AEA Investors,” added CPPIB Senior Vice President André Bourbonnais. “CPPIB’s experience in the fitness sector gives us confidence that together we can help 24 Hour Fitness continue to be a leader in the industry.”
24 Hour Fitness: A Look at Its Investors and Owners
24 Hour Fitness is owned by two major investors: AEA Investors and the Canadian Pension Plan Investment Board (CPPIB). AEA Investors is a private equity firm based in New York City, while CPPIB is a pension fund manager based in Toronto. Both companies have invested heavily in 24 Hour Fitness over the past few years, helping the company to expand and grow.
24 Hour Fitness is also owned by many smaller investors, including venture capital firms, hedge funds, and individual investors. According to a recent report from Bloomberg, these investors have provided over $1 billion in financing for 24 Hour Fitness since 2014. This funding has allowed the company to expand into new markets and invest in technology that enhances the customer experience.
Conclusion
24 Hour Fitness is one of the largest gym chains in the world, and it is currently owned by two major investors: AEA Investors and the Canadian Pension Plan Investment Board. These investors have provided the company with the resources and expertise it needs to continue to grow and expand. 24 Hour Fitness has also been backed by many smaller investors, who have provided the company with more than $1 billion in financing since 2014.
Overall, 24 Hour Fitness is in a strong position to continue to be a leader in the fitness industry. With the support of its investors and owners, the company is well positioned to take advantage of new opportunities and continue to provide customers with an excellent fitness experience.
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